Every business needs influential marketing tools, no matter what industry your business is located within. You could be someone who works in the plumbing industry and specialised in sewer blockage, you could be a handy man with a knack for water tank installation or even a cosmetic surgeon looking to open up their own specialist clinic. Marketing and networking tools are crucial for every industry. These tools are not limited to intangible accessories. Instead, networking with colleagues in the industry and other professionals can boost the visibility of your business. Also, they could provide the psychological influence that your clients need. Here are ways to create invaluable networks that will take your business to the next level.
Sometimes in both business and life, getting what you want is not by what you know or where you are, but who you know and how they know you. Networking with industry professionals and specialists can help you build friendships and strong lasting relationships with ‘the high and mighty.’ It is called the ‘network effect’ because networking has opened the door of unlimited possibilities that money can not ever have a chance of buying, this is something far more valuable than a fancy new book on business strategizing. The operational cost is an important factor in business, and your pre-established connections can reduce these costs or help you with managing the payment of them through time. Also, you could get help from human resources, payroll, IT department’s and public relations experts that are only interested in seeing the success of your business and those involved.
You often hear entrepreneurs say – ‘goodwill begets goodwill’ but there is credence to this phrase. It takes a wise and well thought out decision maker some level of goodwill to succeed in business. Networking helps business managers become accessible to many influential entrepreneurs, venture capitalists, and financial institutions. When a high-net-worth business owner refers your business to a partner or a fellow investor or stakeholder, it could be an endorsement of credibility and a testament of faith. Consequently, the referral might trigger speedy transactions, and increase the chances of getting the attention that your business needs as well as leading to the growth it truly deserves. Getting the attention alone will not help your business, you need to have a good balance of have work, honesty and communication to cooperate along with the interest you and your business are receiving.
Networking is the gateway to friendships and relationships with successful brand owners. It is wise to hob-nob with highly-skilled entrepreneurs (in various functions) if you are a small-business owner. However, these influential people can have a great impact on your skills. They could share ideas in payroll, marketing, product development, business operations, and finance. Also, networking brings opportunities for business owners with knowledge gaps to upgrade their skills. By collaborating with experts, your small business can learn new methods of operating efficiently. A great example of building new skills from new contacts would be a traditional plumber with 30 years’ experience on the job, seeking advice from a younger plumbing expert who has utilised new technology within that specific industry such as a drain camera or even new ways to deal with an underground rainwater tank. There are always possibilities to learn from your contacts and develop new skills as well as build on established ones.
Obtaining market intelligence and product information through networking is a smart way of growing any business. However, business owners must be careful not to break the law by committing the crime of economic espionage. Networking, especially through social media platforms offer an opportunity of studying your competitors. Also, it is a strategy that focuses on their activities and helps you re-model your business. Business intelligence gathering is common with competitors of similar brands. It is a strong marketing and sales concept that is ideal for new entrants, and small-business owners. So, networking adds a competitive advantage and helps to convert your competitor’s customers.
Networking with professionals in your industry helps to builds confidence. In any competitive environment, every business owner needs to have huge exposure. Your level of confidence will increase when you attend industry conferences, and participate in seminars. Apart from confidence, your business will gain popularity, and attract other entrepreneurs for partnership. This strategy of participating in industry functions can help your business learn ideas as well as grow.
Raise Your Business Profile
When you connect with people that have established business networks, it becomes easy to enjoy the perks of the association. By having access to them, your business profile will become visible effortlessly. It is like sharpening the edge of a blade with a tougher metal. This great benefit of networking can build a new business owner’s own reputation. Additionally, your competitors will be happy to see the face behind the brand when you attend business and social events.
One of the positive influences of networking is to increase your business profit through referrals. When you have a robust network of people from different fields of Endeavor, they can encourage new clients to patronize your business. Apart from recommending your services or products, a\ satisfied client is likely to come back for more patronage. So, you can generate new business leads through your network, as well as retaining the old clients.